Annual Center Report

It is with great pleasure we share with you the 2022-2023 annual report from the Paul Milstein Center for Real Estate. This report provides highlights of the last academic year from the MBA Real Estate curriculum, the Center’s robust programming agenda, faculty research initiatives, case writing, and more.

It offers a glimpse into our rich academic program, which remains deeply rooted in theory and practice, and takes note of the 90+ practitioners who joined us in the classroom to share their expertise. The report also captures the myriad of ways in which we engage the wider real estate community with the school’s thought leadership and connect real estate alumni to one another. But most importantly perhaps, it highlights the base from which we can continue to grow because of our committed and supportive community of alumni and friends of the school. None of this would be possible without your continued support. Thank you so much.

Beyond financial support, our network are incredibly beneficial to our students in challenging times. The outreach that Leanne Lachman and Kristin Svenningsen re - ceived this spring when they emphasized the challenging employment landscape that was impacting our recent graduates, was remarkable – and unmatched. And while no one can independently help our graduates adapt to the new real estate labor market overnight, we thank you for being responsive, resourceful, and creative, and for initiating projects and opportunities to help keep our graduates sharp, employed, and learning. This is the type of community we have always envisioned. Given the talent and size of our alumni base, we believe that we’re still only scratching the surface in terms of who we know, how often we connect, and the ways in which we can support and network with one another. We appreciate everyone being along for the journey.

Growth and Curriculum

To briefly summarize key aspects of the last academic year, first the real estate faculty has expanded with the addition of Professors Boaz Abramson and Pari Sastry. Boaz taught his first sections of Real Estate Finance, to maybe the best first-year ratings in the history of our Program. Pari spent the year in Washington, D.C. at the US Treasury Department researching and working on climate change initiatives. Faculty members affiliated with the Milstein Center have been published and quoted in many major academic journals and national news publications for their research and expertise on mortgages, the housing market, office valuations, banks, and interest rates, among other topics.

Stijn Van Nieuwerburgh has been especially outspoken with his work on office markets, while Tomasz Piskorski did important work on the impact of rising rates on commercial real estate lending and the banking sector. Chris Mayer continues to be visible on topics related to credit markets and housing. This was surely the most impactful and visible year for research from Milstein Center faculty in a very long time and cements our position in pursuing important research relative to our peers. The Milstein Center continues to underwrite tools, data sets, technology, and research staff to support thought leadership through a wide range of research pursuits. Enrollment in real estate courses exceeded 900, climbing year-over-year.

We continue to look at the curriculum and expect to add back a course on Development with a new adjunct in the year ahead. International travel opportunities for our students resumed, with incredible real estate study tours to Argentina and Australia. The Center grew its executive education portfolio with the introduction of Real Estate Investing Strategies online. This complements our in-person course that we continue to present to international cohorts of senior leaders on-campus twice a year. The average executive education cohort hails from 10 or more countries and represents a range of industries, including finance, construction, energy, healthcare, consulting, and entertainment. January 2023 marked one full year since the new Manhattanville campus opened to the CBS community.

Served As A Trusted Partner

Our new campus provides double the square footage of our old space, an abundance of natural light, technology everywhere, and ample space for students to gather, faculty to work, and community to come together. This was manifest in our ability to host 200 alumni on campus in December for the 15th annual Columbia Business School Real Estate Symposium! The Milstein Center served as a trusted partner on school-wide programs directed by Dean Maglaras, such as: the Digital Future Initiative; the Phillips Pathway to Inclusive Leadership (PPIL); and Columbia’s 100/50: Embracing Our Legacy campaign (which is celebrating the 100th anniversary of Columbia Business School’s first known matriculated Black student as well as the 50th anniversary of the Black Business Students Association.) Lastly, the Real Estate Circle (124 members and growing) presented 19 events for its members and engaged hundreds of additional alumni through its activities. Events took place in NYC, virtually, and socially in other major cities such as Washington D.C. and Los Angeles.

This is an exciting area of growth and opportunity for further expansion in the year ahead. We offer our sincerest thanks for your involvement and your dedication to real estate education and engagement at Columbia Business School. Whether you participate in one event per year or many, lead a committee, sit on the Real Estate Forum or the Circle Board, speak to students, share our research, hire our students, or host alumni for a property tour, your engagement is all important and meaningful. Thank you for contributing to the growth and impact of the Milstein Center and our ability to present one of the top MBA Real Estate programs in the world. We hope you enjoy a look back at the 2022-2023 academic year in the sections and pages below.

Be well and stay in touch!

Regards,

Chris Mayer
Paul Milstein Professor of Real Estate

David Sherman ’82
Co-Director, Paul Milstein Center for Real Estate

14 Real Estate Courses

• 7 full-term, 7 half-term electives
• 2 sections of RE Finance each semester and an EMBA-specific section in the summer
• “Hyflex” EMBA offerings throughout real estate curriculum

Executive Education

• Real Estate Investing (3 days, in-person in Fall and Spring)
• Real Estate Investing Strategies (6 weeks online, various sections)

• 5 Full-time Faculty Members
• Professor Brian Lancaster receives Robert W. Lear Award;Presented annually to the faculty member or administrator who most clearly demonstrates commitment to students through accessibility and an overall contribution to the improvement of student life.
• 12 Adjunct Professors
• 1 Dedicated Real Estate Executive in Residence, Leanne Lachman

• Dedicated staff member supporting real estate faculty and adjuncts in the classroom, as well as onboarding new faculty members
• 3 dedicated Staff Officers of Research for real estate
• Data, tools, and memberships (for research, teaching, andstudent recruiting/research)
• CoreLogic/Deeds records, Trepp, GreenStreet,CompStak, NAREIT, ARGUS, PREA, RS Means, NCREIF,A.CRE Accelerator

• 15th Annual Columbia Business School Real Estate Symposium
• Real Estate Capital Markets Conference
• Real Estate Circle Member Market Observations and Member Assembly (monthly)
• International Real Estate Alumni Market Observations (quarterly)
• Annual Real Estate Forum Meeting
• Distinguished Real Estate Speaker Series
• Real Estate Career Forum
• The Alexander Bodini Foundation Business Plan Competition
• Coming to Terms: Negotiating Joint Ventures (with MIT, Columbia University GSAPP, NYU)
• MBA Domestic Employment Trek to Washington, D.C.
• MBA International Study Tour to Sydney, Australia
• Columbia’s Women in Real Estate Summit
• Real Estate Alumni NYC Summer Social

Columbia CaseWorks develops teaching cases and materials for use in Columbia Business School classrooms. All material is closely tied to and based on the research and expertise of Columbia’s world-class faculty. The program leverages the energy, creativity, and intellectual capital of the School and provides a bridge between theoretical and practical business knowledge.

By Michelle K. Felman, Russell C. Platt (Advanced Seminar, Spring 2023)

Is C-PACE an ideal option to address financing challenges in the real estate market? L.A. Hospitality (LAH), a commercial real estate developer, is considering financing options for a new hotel project, and Commercial Property Assessed Clean Energy (C-PACE) is an option that has become newly available to LAH and its peers. In this case, students will learn about how C-PACE financing works, as well as how a specialty financier like North Bridge ESG assesses and invests in projects through these loans. Students will be asked to analyze metropolitan markets and commercial real estate projects from a financing lens and will learn how to apply this form of financing to ESG real estate developments.

• Real Estate Cases are developed and produced in partnership with Columbia CaseWorks and are supported by the Michael Lehrman ’90 Case Study Fund.